The crypto market witnessed a renewed recovery momentum on Wednesday’s market session as Bitcoin teases another breakout attempt from the $100k barrier. Dyeing the broader market uptick, the Tron price recorded a sharp 23% dive to $0.33, signaling a post-rally correction in the daily chart. Will the pullback recuperate exhausted bullish momentum for a prolonged rally in December?
According to Coingecko, the TRON market cap currently stands at $28.8 Billion, while the $13.5 Billion.
Key Highlights:
- The overhead extended TRON price rally needed a temporary pullback to revive bullish momentum.
- The $0.31 and $0.2,7 stand as immediate support for the TRX price.
- A steady growth in TRON addresses with balance, and a spike in network revenue hints potential for a renewed uptrend.
TRON price Gains Momentum with Record Revenue and an Expanding User Base
On December 3rd, the layer-1 cryptocurrency Tron caught investor attention with a massive 96% to reach a new high of $0.45. Following the altcoin market surge, this TRX price gained momentum with speculation around Tron’s potential inclusion in Grayscal’s investment assets. Moreover, Tron founder Justin Sun’s recent comment on ‘TRX’ as the Next XRP’ further fueled the bullish momentum,
According to Lookonchain, Tron hit a new daily revenue record of $21.66 million, marking a staggering 98% increase compared to the previous day. This surge reflects heightened activity and adoption across the network.
Tron Network(@trondao) hit a new daily revenue record of $21.66M yesterday, representing a 98% increase compared to the previous day!https://t.co/Q3YRJa7JuB pic.twitter.com/AHD1MPfoz6
— Lookonchain (@lookonchain) December 4, 2024
Adding to this momentum, data from IntoTheBlock revealed that the total number of Tron addresses with a balance has surpassed the 120 million mark, a testament to its expanding user base.
The total number of @trondao addresses with a balance surpassed 120 million! pic.twitter.com/YqAw5vQ3BR
— IntoTheBlock (@intotheblock) December 4, 2024
These developments highlight Tron’s robust growth trajectory, fueled by increased on-chain activity and widespread adoption.
Fibonacci Levels Display Key Support Zones for TRX Pullback
Crypto investors believe the TRON price reversal today is likely a post-rally correction fueled by profit-booking from short-term shoulder. During the peak, the momentum indicator RSI spiked to 93%, accentuating an overextended surge that needs a short pullback.
Thus, the reversal could allow buyers to revive the exhausted bullish and stabilize prices for the next leap.
According to the Fibonacci retracement tool, the coin price could witness suitable support at $0.31 and $0.2.7, coinciding with the 32.8% and 50% FIB levels.
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